Title: Argentina’s sovereign debt default: a critical view
Abstract: Following the financial crisis effects, the issue of debt sustainability became of global importance, even for international security reasons. In the EU, despite post-crisis fiscal austerity measures aimed at rebalancing the public finances, the debt-to-GDP ratio continued to deteriorate. At international level, few countries have legislative mechanisms able to contain the public debt increase. The case of Argentina, pushed into default because of a single uncommon US court decision raised other questions related to the status of sovereign debt. It seems that only by agreeing a multilateral legal framework under UN umbrella the sovereign debt restructuring issues could be addressed.
Publication Year: 2015
Publication Date: 2015-01-01
Language: en
Type: article
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